Entrepreneurship Space

“The practice of starting new organisations, particularly new businesses, generally in response to identified opportunities”

Role of the Entrepreneur:

The entrepreneur is responsible for

creating a sense of mission
setting the product & market direction
ensuring high speed innovation
developing self inspired behaviour.

The demands on the entrepreneur are special and very significant, see ‘Role of the Entrepreneur’.

Winning Proposition:

A key element to the success of the business and addressed by the entrepreneur is setting the Winning Proposition, see Defining the Winning Proposition.

Strategy:

Another key element to the success of the business and addressed by the entrepreneur is establishing the strategic positioning and the company, developing the strategic plan, and putting the plan into action, see Setting Strategy

Strategic Cycle of Development of Business:

This cycle represents the sequence of actions to be carried out during the period of the strategic plan. The period equates to the time needed to fully address and exploit the special challenge in the plan, see Chart Cycle in Strategic Phase of Development.

Evolution of Company:

The increasing levels of capability required from each strategic phase of development will allow the enterprise to evolve. The stages of capability across all relevant aspects of competence will ensure that each area of competence will develop only so far as is required by its current and immediately planned strategic positioning. Examples of areas of competence are Process, Skills, and Project Operation.

Innovation:

Innovation is a primary driver for success. It is a constant ongoing feature of an enterprise in the modern competitive international and local markets. See Innovation & R&D. There are many sources of innovation. Capabilities in the enterprise and the nature of the business and its market will influence the exploitation of certain of these sources. The entrepreneur is responsible for encouraging innovation, giving it structure, and bringing value proven ideas and concepts through to exploitation. Where change is required in facilitating these actions, he sponsors the management of this change. The ability to innovate using Agile Techniques becomes more important in the shorter strategic periods being experienced.

Leadership:

This is the ability of the entrepreneur to ‘create a compelling vision and translate it into action and sustain it’. This is a mix of abilities, each in the area of soft skills needed to communicate and bring about the achievement of the vision.

Business Model:

Frequently the emergence of the entrepreneur and the application of entrepreneurship, in an established organisation bring about new structures. One of these, recognised as a form of innovation, is a change in the business model. See Forms of Innovation.

Projects:

Operating in a project and programme environment provides a powerful tool for achievement in a changing environment. Many of the activities in planning and implementing new strategic positioning are best addressed by working in a project environment, see Project Management.